Passage Bio, Inc. (NASDAQ:PASG) Given Average Rating of “Hold” by Brokerages

Passage Bio, Inc. (NASDAQ:PASG) has been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $17.00.

Several research firms have issued reports on PASG. Lucid Cap Mkts downgraded shares of Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday. Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the company a “neutral” rating in a research note on Tuesday. Wedbush restated a “neutral” rating and issued a $8.00 price objective on shares of Passage Bio in a research note on Tuesday. Finally, Oppenheimer began coverage on shares of Passage Bio in a research note on Tuesday, March 31st. They issued an “outperform” rating and a $30.00 price objective for the company.

Hedge Funds Weigh In On Passage Bio

Large investors have recently bought and sold shares of the stock. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio during the fourth quarter worth about $405,000. Quadrature Capital Ltd acquired a new stake in shares of Passage Bio during the fourth quarter worth about $148,000. Eversept Partners LP acquired a new stake in shares of Passage Bio during the fourth quarter worth about $1,490,000. Renaissance Technologies LLC boosted its stake in shares of Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after buying an additional 8,300 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock worth $371,000 after buying an additional 4,114 shares during the period. Institutional investors and hedge funds own 53.48% of the company’s stock.

Passage Bio Trading Down 46.4%

Shares of PASG stock opened at $6.25 on Tuesday. The firm has a fifty day moving average price of $8.55 and a 200 day moving average price of $9.55. The company has a market cap of $20.06 million, a P/E ratio of -0.43 and a beta of 1.77. Passage Bio has a 12 month low of $5.12 and a 12 month high of $20.00.

Passage Bio (NASDAQ:PASG) last issued its earnings results on Tuesday, March 3rd. The company reported ($4.08) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89). On average, equities analysts forecast that Passage Bio will post -8.44 EPS for the current year.

About Passage Bio

Passage Bio is a clinical-stage biotechnology company focused on the development of gene therapies to treat rare, monogenic central nervous system and neuromuscular disorders. The company applies its in-house gene therapy platform to design and engineer adeno-associated virus (AAV)–based vectors that restore or replace defective genes, aiming to deliver durable treatments with a single administration.

The company’s lead programs include PBGM01, an AAV9-based therapy for GM2 gangliosidoses (Tay–Sachs and Sandhoff diseases), which is conducting a first-in-human study to assess safety and potential therapeutic benefit.